Fund administrator Mainstream Group has entered into a five-year agreement with investment manager Pendal Group, with it being set to look over $19 billion in funds under administration.
Under the agreement, Mainstream will provide outsourced registry services for Pendal’s Australian funds.
The annual contracted fees will provide approximately 6 per cent of Mainstream’s Australian revenue, and around 3 per cent of its group revenue.
The appointment has seen the group confirm long-term contracts with three of Australia’s largest asset managers.
Mainstream stated it will provide its existing operating model for other large fund managers, including deployment of automated workflow for email and paper transactions, online transacting, XPLAN reporting, Calastone, banking automation and a newly created quoted funds functionality.
The transition project is set to commence this month.
Mainstream chief executive Martin Smith commented: “We are proud to support a client of the size and calibre of Pendal with our scale and experience in registry services.”
“We have made significant investments in our registry services over the last three years and look forward to partnering with Pendal to drive automation and the investor experience.”
Pendal reported it had $86 billion in assets under management globally as at 31 March.
Meanwhile Mainstream, as at March, provided administration services to 1,042 funds and more than 88,000 investors, with funds under administration in excess of $187 billion.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on sarah.simpkins[email protected].